Pune, India, June 08, 2022 (GLOBE NEWSWIRE) --
The global passive fireproofing system market size is predicted to witness a lucrative growth during the forecast timeline, attributed to rising cases of fire accidents. People are becoming aware of the importance and benefits of fire safety practices and are installing fire protection systems to prevent mishaps. Below mentioned is a detailed list of trends that will positively impact global industry forecast:
- Europe (regional valuation will cross USD 7 billion by 2027)
Fire-resistant glasses will be widely demanded by customers:
Fire-resistant glasses captured around 14.5% of Europe passive fireproofing system market share in 2020. The products offer long-term protection to structures and people and prevent fire from spreading to other areas. They are mainly used in building entrances and glass partitions & doors, and are highly durable, safe, efficient in temperature radiation, and require low maintenance.
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Extensive use of passive fireproofing products in commercial spaces:
The regional commercial end-users will reach USD 5 billion revenue by 2027. The construction sector of Europe is expanding at a substantial rate due to urbanization, economic growth, and rising income levels of the regional population.
Real estate developers are increasing their focus on including fire safety systems to ensure their clients’ security. Since fire-related incidents are on the rise across the region, governments have introduced a strict regulatory framework, further propelling the adoption of passive fireproofing systems.
Governments will take on large-scale infrastructure projects:
Large-scale infrastructure projects, such as airports and hospitals in Brighton, Luton, Manchester, and Birmingham are offering strong support to the region’s construction sector. Customers are gaining a better understanding of the significance of installing passive fireproofing systems in homes. Also, fire accidents cause severe loss of life and property; this factor will upscale the production of these devices.
- Asia Pacific (regional valuation will reach USD 6.5 billion by 2027)
Structural steel protection products will gain traction:
The structural steel protection segment occupied 25% of Asia Pacific market share in 2020. These systems can keep steel structures safe from fire accidents and improve their overall strength. Since steel structures are used in a variety of construction projects across the region, the demand for passive fireproofing devices to protect these components will rise.
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Robust adoption of fire-resistant walls & floors:
APAC industry size from fire-resistant walls & floors will exhibit a 5% CAGR through 2027 because these products can reduce the flame, toxic gases, and smoke during a fire. The walls can provide high security to buildings and people in a fire mishap. The flames can be extinguished easily, making it easier to bring the fire under control.
China passive fireproofing system market share will grow:
China industry revenue will exceed USD 3 billion by 2027 as the nation has one of the biggest industrial and construction sectors in the world. It has also enforced several stringent rules and regulations for fire safety, which is one of the major factors enhancing product adoption.
- North America (regional valuation to hit USD 9 billion by 2027)
Fire doors will gain momentum in demand:
Fire doors will account for a major share of North America passive fireproofing system market by 2027. The reason behind the high demand for these products is their ability to provide long-term safety to any building. They are commonly used at entry and exit points so that the fire does not go out of control. Fire doors can also significantly reduce the overall structural damage by minimizing the spread of smoke and flames to untouched areas. Apart from fires, they also offer protection from break-ins.
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Institutional and residential constructions to pick up pace:
Institutional & residential construction projects are being carried out on a large scale across the region due to rapid urbanization. It has prompted customers to demand fire safety devices to equip themselves for fire incidents. The growing awareness regarding the advantages of installing passive fireproofing systems across institutes will push their adoption.
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